WTI Crude oil prices closed 1.6% lower on Monday. China’s second-quarter GDP showed a growth rate of just 6.2%. This was much slower compared to the first-quarter GDP growth. In the first half of the year, China’s GDP grew just 6.3%, marking one of the slowest paces of increase in expansion. The data underlined the view that global growth is slowing.
Will Oil Extend Declines?
Crude oil closed bearish on Monday. This comes after two consecutive sessions of declines in the commodity. However, we anticipate price to remain rather flat. Crude oil briefly tested the resistance area of 61.00 before easing lower. Alternatively, unless we see a close above 61.00, oil prices could continue to push lower. The downside target is seen at the 57.50 support area.